Between the Dollar-Sterling Gold Points

The book offers a historical analysis of the monetary standards in the U.S. and Britain, presenting new data on exchange rates and mint parity. It highlights the evolution of the American foreign-exchange market and demonstrates that gold-point arbitrage is more efficient than interest arbitrage or forward speculation. Additionally, it examines the stability of the 1925–1931 gold standard from the perspectives of private agents and policymakers, providing valuable insights into international monetary history and serving as a reference for dollar-sterling dynamics.